It is in every real estate investor’s and renter’s interest to rent out his or her property for the highest possible price. Of course, in most cases, the price depends on the location, current market trends and so on. However, it goes without saying that you cannot expect a good income if your property is a wreck. But, do not worry, there are many ways you can add value to your property. Some of them are very simple and cheap, but some require breaking your bank. It all depends on how much you are willing to spend, not only your money but also your time. So, if you are interested in upgrading your property, renting it out fast and adding value to it, and, of course, the greatest guide to real estate investment, keep on reading for some tips and tricks.
Fix the Exterior
When you host an open-house event, or when possible renters come to see your property together with their real estate agent, the first thing they will all see is the exterior. If it looks ruined, and as if it will fall down any second, you will not be able to get a good price even if the inside of the house looks amazing. It may be a cliché, but the first impressions really matter. Thus, do everything in your power to fix the exterior of your rental property. In most cases, you will only have to repaint the outside walls. But, do not forget about gardening too. The yard around the property is very important, especially to families with children or people with pets. So, cut the grass, add some plants and if possible, add fencing. All tenants will appreciate these things.
Repaint the Walls
This one is a very simple and rather common way to add value to your rental property. All real estate investors know that repainting the interior of a home can make a world of difference. Just imagine, would you live somewhere where there are last-century wallpapers or where the paint is screaming or is just really outdated? Probably not. Nobody will feel welcome or inviting in those homes. So, do everything in your power to fix that. Do it before the guys from movingkings.com bring all the furniture inside. This is a simple remodeling job, but if you do not have experience doing it by yourself, it might be a better idea to hire professional painters. Just be sure to choose the right color palette. Go for something neutral like beige, white, or anything that has a soft tone. When the inside of the home looks neutral, people renting can really imagine themselves living there and thus pay more.
The condition of your carpets can also make or break your rental property. It is a known fact that carpets clinch to stains and scents. And if you do not clean them regularly, their condition can worsen. For many tenants, dirty and smelly carpets are a huge red flag. So, if you do not want to lose well-paying customers, better clean them professionally. Moreover, if you have a nice-looking and healthy floor underneath your carpets, you can remove them completely. It is also a good idea to ask your future tenants what they would prefer. Maybe they plan on bringing their own carpet or maybe they prefer not having one at all. If they need help relocating hassle-free in South Florida, they will certainly appreciate you helping out even with these simplest suggestions and acts.
Add Additional Storage
Having enough storage options can really increase the value of your rental property. Not, only that, but they will bring those tenants that pay the most. Luckily there are many ways you can add additional storage to your property. The most time and money consuming way to do that is to build extra spaces. But this is not always necessary. Simpler things can do the trick as well. For instance, add hooks anywhere you can – in bathrooms, hallways, even in the kitchen. Then, add a lot of shelves. This is especially important if you are renting an apartment or a smaller home. Shelves can be crucial in those situations. Moreover, you can also upgrade the condition of your closets by introducing a closet organizing system.
Invest in a Washer/Dryer
Having a washer/dryer is on every tenant’s wish list. Unfortunately, not every rental property has this feature, and because of that many potential renters are forced to give up on the property they like. But we know that this can be a big investment. A washer/dryer machine does not come cheap. However, it is something that must be done if you want to increase the value of your rental property. You can install it into your home, in a bathroom or kitchen or someplace third. You can even install it into a small cupboard. All tenants will appreciate that. The good news is, if you have this feature, you will be able to raise the rent. So, when you look at it like that, your investment will soon pay off.
Pay Attention to Details
All the things mentioned above can be bigger and more costly projects and investments, but as previously said, they soon pay off. However, do not forget to pay attention to those small details too. For instance, choose the neutral color palette for your rooms. That way, your tenants can envision themselves living there and rent your property as soon as they step into it. Also, try to replace the knobs and the front part of your kitchen cabinets to make your kitchen look brand new. If you have some big, old curtains, remove them and let the light in. Speaking of light, consider investing in some good lighting features. Add some plants, put flowers in vases and you will soon see tenants fighting over your rental property. Do not forget to advertise your property too. There are a lot of websites that help people find their homes. So, take advantage of them.